FOR IMMEDIATE RELEASE
April 08, 2003

Ellen Qualls
www.governor.state.va.us
(804) 786-2211, x2379


Elliot Bloom
Cendant Corporation
(212) 413-1832
Jill Lawrence
VEDP
(804) 371-0049
CENDANT TO RELOCATE ITS CAR RENTAL GROUP’S SHARED SERVICES CENTER TO VIRGINIA BEACH CREATING 187 NEW JOBS
-Follows Company’s Creation of 100 Jobs in Hampton Roads Region in 2002-


NEW YORK, NY - Governor Mark R. Warner today announced that Cendant Corporation (NYSE: CD), a leading provider of travel and residential real estate services, will relocate its Car Rental Group’s Shared Services Center to the City of Virginia Beach, creating 187 new jobs for Virginians. Governor Warner met with Cendant officials at the company’s corporate headquarters during his economic development marketing mission to New York City this week.

In 2002, Cendant brought 100 jobs to Virginia Beach when it opened its new human resources call center, The Answer Place.

The new Shared Services Center will be located in the recently-acquired and refurbished Avis Building located at 300 Centre Pointe Drive. Virginia successfully competed with New Jersey, Illinois, and Florida for the $1.6 million investment.

“I am pleased that Virginia has recruited another important segment of Cendant’s dynamic and growing organization,” said Governor Warner. “Virginia Beach is an ideal location for a leading business and consumer services company such as Cendant. Cendant’s decision to bring 187 jobs to Virginia Beach further diversifies the Hampton Roads regional economy.”

“This is a win, win for Cendant and the Commonwealth of Virginia,” said Cendant Chairman, President and CEO, Henry R. Silverman. “We are pleased to bring additional jobs and corporate diversification to Virginia Beach. Our decision to relocate our Car Rental Group’s Shared Services Center to the Hampton Roads area was based on three primary factors: the skill sets of the local work force, synergies realized through our existing businesses there and incentives provided by the Commonwealth of Virginia.”

The Virginia Economic Development Partnership and the City of Virginia Beach Department of Economic Development assisted Cendant with its decision. The Virginia Department of Business Assistance will provide workforce training services.

Cendant Corporation is primarily a provider of travel and residential real estate services. With nearly 90,000 employees, New York City-based Cendant provides these services to business and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's web site at http://www.cendant.com.

"We are extremely pleased that Cendant will continue to expand its operations in the City of Virginia Beach," said Virginia Beach Mayor Meyera E. Oberndorf. "I am delighted to join Governor Warner in celebrating today's announcement and look forward to Cendant's continuing success in our community."

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